24 February 2009 19:07 [Source: ICIS news]
TORONTO (ICIS news)--Dow Corning plans to cut 800 jobs globally, or about 8% of its overall workforce, as it responds to the tough economic environment, the silicones joint venture between Dow Chemical and glass maker Corning said on Tuesday.
“This is a difficult but necessary step to maintain our financial health, help us to meet our customers’ and shareholders’ expectations, and position us for future opportunities,” CEO Stephanie Burns said.
The bulk of the cuts would occur in the first half of 2009, affecting all of Dow Corning’s more than 40 locations globally, the company said.
The cuts would be achieved through a combination of voluntary retirement programmes and “involuntary separations”, it said.
Spokesman Jarrod Erpelding added that Dow Corning’s Hemlock Semiconductor joint venture would not be part of the involuntary workforce reductions.
Polysilicon producer Hemlock is a joint venture between Dow Corning Corporation, Shin-Etsu Handotai and Mitsubishi Materials Corporation.
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